Luxembourg-based cryptocurrency exchange Bitstamp is expanding its presence in the Eurozone and, following the Crypto.com and BitGo exchanges, is entering the Italian market.
This week, regulator Organisimo Agenti e Mediatori granted the company a license to operate in the country. This came about a week after Crypto.com and BitGo received similar licenses.
“Registration in Italy has become part of the implementation of our global plans to provide services in Europe and around the world. Italy is one of the most important markets and we are ready to provide its citizens with a secure, reliable way to trade cryptocurrencies,” announced Bitstamp CEO Jean-Baptiste Graftieaux.
The Bitstamp marketplace is considered one of the oldest cryptocurrency platforms on the market. It was opened in 2011 in Slovenia. Currently, the main office of the crypto exchange is located in Luxembourg, and its activities are regulated by the Luxembourg Commission for Financial Supervision (CSSF).
Now Bitstamp has the ability to legally provide services in almost all European countries and about 40 more states. According to Coinmarketcap, the annual trading volume of the platform has fallen by almost 40% since the beginning of 2022 and is about $170 million.
In early July, against the backdrop of a general fall in the cryptocurrency market, the Bitstamp exchange announced the automatic introduction of a monthly fee of €10 from August for accounts with assets of less than $200 that have not been traded for 12 or more months. However, after a sharply negative reaction from users, the management of the exchange was forced to reconsider its plans.
Source: Bits
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